Confluent (NASDAQ:CFLT) Earns “Outperform” Rating from William Blair

Confluent (NASDAQ:CFLT)‘s stock had its “outperform” rating reissued by equities researchers at William Blair in a research report issued on Monday,RTT News reports.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Evercore ISI upped their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Morgan Stanley upped their target price on shares of Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Guggenheim increased their price target on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Loop Capital cut their price target on shares of Confluent from $34.00 to $30.00 and set a “hold” rating on the stock in a research report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Confluent Stock Performance

CFLT stock traded up $0.79 during midday trading on Monday, hitting $27.15. 1,287,410 shares of the company traded hands, compared to its average volume of 4,280,657. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The business has a 50 day simple moving average of $29.66 and a 200-day simple moving average of $26.82. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of -25.13 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, equities research analysts predict that Confluent will post -0.83 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $13,285,047.68. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,201,518 shares of company stock worth $38,533,306. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC grew its position in Confluent by 1.3% in the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock valued at $302,940,000 after acquiring an additional 133,908 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after purchasing an additional 84,163 shares during the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after purchasing an additional 459,000 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Confluent during the fourth quarter worth about $81,092,000. Institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.